QUESTION
What if there is no longer enough money left to distribute according to the trust ?
Asked on Mar 04th, 2014 on Trusts and Estates - California
More details to this question:
I am successor trustee and one of the beneficiaries . The cost of taking care if the owner of the trust has me wondering what if there is not enough left to distribute the way it is written. Would selling his home where he , his son and I live be required to fulfill the distribution of the trust after he passes away?
1 ANSWER
Taxation Attorney serving Santa Monica, CA
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I assume we are talking about a revocable trust of the person you have called "the owner of the trust." If he dies with insufficient assets to make all distributions, you first need to read the trust to see if it addresses this situation. If there is no specific gift of the home, you very well may be required to sell the home in order to pay debts and make dictributions. One of the surviving occupants may be the one who buys the home....
Answered on Mar 05th, 2014 at 4:58 PM